Struggling Dubai-based retailer Marka, which is embarking on an ongoing cost control program, has announced a total profit of AED5.5 million for the first nine months of 2018.
Marka said the EBITDA figure compared to a reported loss for the same period in 2017 of AED 88.3 million, adding that it is the third consecutive operationally profitable quarter for the company.
Khaled Bin Kalban, chairman of Marka, said: “We have taken rigorous steps in terms of restructuring our business over the course of the last 18 months which can now be seen in the consistent positive results."
He added that the company has also successfully re-negotiated with one of its major lenders, putting Marka "in a strong position ahead of the capital restructure".
"I am confident that these initiatives will further boost our investors’ confidence in the group and will help us grow steadily,” he said in a statement.
Benoit Lamonerie, Group CEO of Marka, added: “The positive results we have seen in the first three quarters of the year are reflective of the progress the group is making, demonstrating that the turnaround strategy is effective despite a challenging retail environment.
"To continue achieving positive operational results despite the obstacles that a restructure brings, shows that the company has strong foundations that could be built on."
Marka reported a total profit of AED2.8 million in Q2.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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